I'm not married, should I name my minor child as a beneficiary?
Answer:
You don't need to make a will, your child is automatically your beneficialry unless you state otherwise in a will.
Name your child beneficiary so that he/she will be taken care of.
You can name whoever you want as your beneficiary. I have my children as my beneficiares with equal shares going to both of them. I have a will that states who is the executor and that person will take care of disbursing/saving the money for my kids after i am gone.
no, your child should be listen as your dependant. And as your not married, all your money should go to him anyway, unless you state other wise, to say that you want him to have all your money, would be a precaution from greedy relatives. You shouldn't be worrying about money anyway, you should put specific notes on who is to take care of him.
Yes, see an attorney regarding this matter. Since the kid is too young to handle money, a trustee will have to be named to administer the money until he becomes of age, or until a specific time of your choosing.
You should create a simple will to avoid legal entanglements. The biggest choice you have is deciding who the executor of your will should be. Since the child is a minor there must be an executor. You should also name who should take care of the child if something happens to you.
The money will be managed by someone for the benefit of your child. A will is very important for making your preferences known for the guardian of your child. This does not need to be the same person who is the custodian for the money/property left to your child. I used Quicken Will Maker to set-up a will and I am in a similar situation to you.
yes, you should and set up a trust fund until their old enough to manage their own finances
Weatherman is steering you very wrong ! Insurance is not a part of the estate, so long as you name a guardian / and trustee to take control of the insurance proceeds on behalf of the minor child. Then the insurance proceeds do not get tangled up in the business of the estate, bills outstanding, etc.
This trustee can be a bank, attorney, or relative etc. You can dictate when and how to deal out the funds.
you should appoint someone as a legal guardian in your will until the child reaches 18.
you can do that or you can set it up so that the $ goes into a trust fund to be dispersed how ever you'd like.. But you should defiantly set up a guardianship for you child.that can get messy to. Especailly if you want your partens or sibling and the childs father is still alvie or in the pic. Inherentence $$ can do wonders to a family ( My younger half-brother still wont talk to me)!!
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